British Land has announced the sales of a retail and office portfolio in an off-market deal to Legal & General Property for £219.6m, ahead of September book value. The portfolio comprises:
– Kingswood Retail Park, Hull (sold for £58.0m, at a 5.7% net initial yield)
– House of Fraser, Birmingham (sold for £71.4m, at a 6.8% net initial yield)
– Grenfell Island office, leisure and retail block, Maidenhead (pictured – sold for £90.2m, at a 5.9% net initial yield).
In addition, Green Lanes Shopping Centre in Barnstaple was sold before Christmas to a private client of Rockspring Property Investment Managers for £36.1m, also ahead of September book value, reflecting a net initial yield of 6.5%.
Kingswood Retail Park, Hull is a freehold out-of-town retail park totalling 130,000 sq ft. It is fully let to 14 retailers for a weighted average unexpired lease term of 8.3 years.
House of Fraser, Birmingham comprises a 490,000 sq ft majority freehold department store let to House of Fraser.
Grenfell Island, Maidenhead is a 197,500 sq ft freehold office, leisure and retail block which was completed in 2000. The 112,804 sq ft of office accommodation is let to Hutchison 3G with an expiry in October 2020 and the remaining leisure and retail space is fully let until 2025.
BLND : British Land sells £250m of property